Personal Loan to Invest
I recently took out a 30k personal loan to invest with a rental property. I have the rental property locked in including closing cost right at about 30k. The home is rented out and bringing in $625 per month. My payments to pay back the loan are at 758 a month. I plan to refinance the home right after closing to pay my loan back and it seems i will get back right at about the amount that i paid for the house. Is this a good strategy to invest by using a personal loan?
If your numbers make sense. Most lenders will cash out refinance you at 75% ARV so make sure you have a lender you've talked to and have their numbers
@Clifford Brooks
It might be tough to find a lender at the $30k loan amount, so work those phones until you find the right organization to offer you what you need.
going to VERY hard to find a lender for that loan amount. You should talk to lenders first to make sure you have a refi exit strategy. Some lenders will go as low as 50k, and even those are few, finding one for 30k might not be impossible but it's very rare.
